GRAINS-Soy retreats from multimonth highs; corn, wheat follow

Redacción de Reuters

4 MIN. DE LECTURA

* Soybeans pause one day after blockbuster USDA stocks data
* Corn, wheat turn lower, retreating from early strength
(Recasts throughout; updates prices, adds quotes; changes
byline, dateline, previous LONDON)
By Julie Ingwersen
CHICAGO, May 11 (Reuters) - U.S. soybean and corn futures
declined on Wednesday in a light profit-taking setback, one day
after bullish soy stocks data in a monthly U.S. government
report sent soybeans soaring to the highest levels since 2014.
Wheat also sagged, pressured by plentiful global supplies
and the approach of the U.S. harvest.
At the Chicago Board of Trade as of 12:08 p.m. CDT (1708
GMT), July soybeans were down 7-1/2 cents at $10.76-1/2
per bushel. July corn fell 5 cents to $3.76 a bushel and
July wheat slipped 3 cents to $4.58-1/4 a bushel.
Soybeans retreated after follow-through buying from
Tuesday's surge lifted the lightly-traded May contract,
which is in delivery, to $10.82-1/4, the highest spot price
since November 2014.
Most-active July soybeans turned lower after failing
to match a 21-month high set Tuesday at $10.91-1/2. CBOT soymeal
futures <0#SM:> turned down after setting contract highs.
"It's just some back-filling here, with the big rally
yesterday," Dan Cekander, president of DC Analysis, said of the
market.
Farmer soybean sales added pressure, a factor reflected in
softening cash basis bids posted at several Midwest soy
processing sites.
Soybean futures exploded higher on Tuesday, with some
contracts briefly rising the 65-cent daily limit, after the U.S.
Department of Agriculture's May supply/demand report projected
lower-than-expected U.S. soy ending stocks for the 2015-16 and
2016-17 marketing years.
The CBOT expanded the daily trading limits for soy products
for Wednesday's session, but trade was far more subdued.
Like soybeans, corn and wheat sagged on Wednesday,
retreating from early advances.
"Weakness in corn and wheat prices speaks more to the poor
fundamentals for those two grains, which struggle to sustain
gains in the absence of strength in the soybean complex," INTL
FCStone chief commodities economist Arlan Suderman said in a
note to clients.
The USDA on Tuesday projected that U.S. inventories of both
corn and wheat would rise by the end of the 2016-17 marketing
year to levels not seen since the 1980s.
The government also on Tuesday estimated the U.S. winter
wheat production at 1.427 billion bushels, above an average of
trade estimates. Harvest of that crop could begin by the end of
the month.
CBOT prices as of 12:07 p.m. CDT (1707 GMT):
Net Pct Volume
Last change change
CBOT wheat Wc2 458.25 -3.00 -0.7 43658
CBOT corn Cc2 376.25 -4.75 -1.3 119881
CBOT soybeans Sc2 1076.50 -7.50 -0.7 136883
CBOT soymeal SMc2 359.50 -0.20 -0.1 55120
CBOT soyoil BOc2 33.43 -0.01 0.0 52355
CBOT July wheat, corn and soybeans listed in cents per
bushel, soymeal in dollars per short ton and soyoil in cents per
lb.
(Additional reporting by Nigel Hunt in London and Naveen
Thukral; Editing by Marguerita Choy)